The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-06-14
APANIC IN COFFEE.
NUMBER OF BnokERs ROASTED.
A Big Drop In tho Market Pushes severnl
Firms to tho Wall. one Failing for Over
Ono Million Dollars Contributing
-ExcItcmsnt On Change,

HHmb 70 tho WALL one rhillns Tor over
Ono Million Dollnrs--ContriDuting
Causes-ExcItement Gu 'Chaugo.
NIw YoRx, June 13.-The opening Of
the Coffee Exchange this morning was the
most exciting in It's history. In the limited
space allowed for clorks and customers in
the Exchange at the junction Of Pearl and
Beaver streets, there was an excited throng
anxious to reach brokers with orders or
receive from tho result OF ordsrs already
made, while around the ring almost every
broker outside Of the bear clique had or
ders 10 sell. H.tY Ssf
Tho buying orders to-day generally
camo from s. Gruner and Crosaman & 90.
These firms represented the clique which
first started tho boom in coffee about IS
months ago and caused It to advance from
8 to IS conte a pound. 1.-THE latter figure
o number OF speculators called the Brazil.
ian party who had been boara on the mar
kot a!l way up 10 the tenth changed their
position and became buyers and carried
the prices above l26. which figure 1t
creased about two weeks ago. They are
now said to be loaded heavily, one house
being reported to hold 100000 bags for
their accounts. The Grunor and Gross.
man party on tho other hand who were
buyers to-day are credited with loading on
Brazilian around the highoBt dguros. "a,
i.fss.Ii .yF|a rIr rtpsr rlfyt,ur ls
The failure Of Macksy e. Small, promi.
nens coffee brokers OF Water street, waa
announced this afternoon. Mr.. Small, OF
thia firm, was formerly connected with
the largo coffee firm OF Small Bros. 4 Co.,,
with houses in New York, Baltimore,
Chicago and New Orleans. There is
great excitement this afternoon on the
Exchange, .2}
R. G. Arnold 4 Co., one OF the biggest
houses In the trade, have failed. r. G.
Arnold was the originator OF the Coffee
Exchange aud its first President. he
was formerly OF tho firm OF Arnold, stur.
gls 4 Co., the largest coffee house in. the
United States. His former country Geat
on the Sound Is now known as Oak Point.
The failure 10 supposed to have been
caused chiefly by the inability OF the Rio
house to remit mareins in time. The liza.
biiities arc stated above one million dol
lara and o New York bank is esd to be
heavily involved. The liabilities OF Mac.
key & Small are estimated from Sl5O,O00
to SS00,0 900. The market Is now steadier.
Another. failurs has been announced on
the Coffee Exchange. The firm m's+nsma is
WI. Norton 4 Co., coffee brokers of No.
100 Water street. The liabilities are not
more than $4,000 and their business 10
chiefly done With Baltimore parties.
HOW THE BREAK OCCURRED.
The excitement in tho coffee market
which has attended the decline in co1ss
reached i:5 highss! to-day, and brokers
acting for bull operators became panic
stricken and rushed to sell without regard
to price. The bulls blame the GruEer.
Crosaman syndicate for starting the do
cline, which eliminated in to.day's panic,
but the bsars strained every nerve to
check the fall without success. In fact
the syndicate brokera were the only buy
ers at tho opening, which was at II cents
pound, over cent below Saturday g close,
and although a rally was caused by the
bears supporting ords,a. the rumors OF
trouble and the continued selling caused
them to stop buying and Join the bulls in
unloading the stuff they had taken early.
All through the forenoon the selling was
coupled with the widest scenes over wit
messed in the Exchange, and i'll all oflicee
there were knots Of brokers gathered dis.
cussing the prospects OF recovery. In the
afternoon thsTo WAS some hope OF rally,
but heavy ceiling continued, and soon the
price fell OF in heavy fluctuations until IL
reached Is cents a pound.
This decline was accompanied by the
notice Of the suspension OF three firms,
Arnold 4 Co., Norton L Weyland, and
Mackay 4 Small. After the announce
ment Of theae failures an organized effort
was made by several prominent houses
like Donahue, Gruner & Crossman TO aus
tain the market and they succeeded in
causing rally Of about one cent pound.
The failure OF B. G. Arnold g. Co., attract
the most attention as they are the most
prominent house in the trade, but it Was
generally anticipated. Tho senior MEM
ber OF the firm WAS caught in 1882 by q
collapse Of ono Of the largest deals ever at
tempted in coffee, and was compelled 10
suspend for over a million dollars. He
started in buBiness again, however, and
was successful in all his adventures. He
is credited with being the founder OF the
Coffee Exchange, and was at one time It's
President, but on August l last he formed
partnership with his son and Bince then
they have done strictly com miaeion buei.
mesa. He ascribes the failure to the fact
that the customers we're 80 far away, that
it was impossible to reach them in time to
obtain sufficient margin to meet tho de-
cline. Hc could make no statement OF his
liabilities and said he could not say any
thing about the chance Of resumlng. s. f
PUNCTUATION IN PRICES. ,;ss;
The Commercial Aduertiser says: AS
showing the difference between The high.